Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.
Closed Sales increased 3.6 percent for existing homes and 13.4 percent for new homes. Pending Sales increased 7.8 percent for existing homes but decreased 11.2 percent for new homes. Inventory decreased 31.0 percent for existing homes and 0.6 percent for new homes. The Median Sales Price was up 6.5 percent to $165,000 for existing homes but decreased 5.8 percent to $339,100 for new homes. Days on Market decreased 19.7 percent for existing homes but increased 2.1 percent for new homes. Supply decreased 35.7 percent for existing homes and 10.5 percent for new homes.
The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for hardworking agents and diligent consumers.
For more market numbers, click here *Information courtesy of KCRAR and Heartland MLS